Ray Rivers Joins G.research in Institutional Sales

Associated Capital Group, Inc. AC announced today that Ray Rivers will join G.research, LLC, its institutional research services business, effective today. Mr. Rivers will work closely with C.V. McGinity, its President, to expand the institutional research efforts.

Mr. Rivers was most recently a Managing Director with Arxis Securities, located in New York City. Over the years, he has also held senior positions at Cantor Securities, R.W. Pressprich, Knight Equity Markets, CRT Capital Group, BT Securities and Bear Stearns. Mr. Rivers has over 30 years' experience in the trading and supervision of both equity and fixed income securities. In addition, he has a wealth of knowledge in small cap investing, special situations investing, the bankruptcy reorganization process, and the implementation of systematic trading technologies. A native of Louisiana, Mr. Rivers is a graduate of Louisiana State University. He currently serves as president of the Greenwich Town Party.

The Company operates its institutional research services business through G.research (doing business as Gabelli & Company), a wholly owned subsidiary of Institutional Services Holdings, LLC which in turn is a wholly owned subsidiary of the Company. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, that provides institutional research services and acts as an underwriter.

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